New York Gets Budget Agreement That Includes Gas Tax Reprieve
New York State has a “conceptual agreement” on a budget.
The $220-billion deal between legislative leaders was announced by Governor Kathy Hochul late April 7, close to a week after the start of the fiscal year.
The plan calls for restoration of bail eligibility for certain alleged repeat offenders and gun crimes, a tax credit for low to mid-income property owners and increased subsidies for child care.
Governor Hochul had proposed a $216-billion budget but extra money was funneled into the spending bills from higher-than expected tax revenues generated from levies on the rich and federal pandemic recovery funds. The Democrat says there is also money being set aside in a contingency fund to address economic uncertainties.
A measure that is expected to sit well with voters as lawmakers, including the Governor are seeking election this year is the suspension of fuel taxes to address the high costs of gasoline. The 16-cent break in the state gas tax is to go into effect in June and run through December. There are still county and federal taxes on gasoline.
There is increased funding for higher education and the health care workforce and authorization of to-go sales of alcoholic beverages at restaurants and bars.
The Governor is also touting record investment in a five-year infrastructure plan and investment in clean energy.
Legislators were expected to begin voting on the budget lines following the Governor's 4 p.m. April 7 announcement with a goal of getting a finalized budget ready to be signed and implemented by the weekend.